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CIVIC HERALD
HR 3394 · 119th Congress · HouseIn committee

Fair Investment Opportunities for Professional Experts Act

In plain language: This bill expands who is legally allowed to invest in private, unregistered securities such as startups, hedge funds, and private equity. In addition to meeting existing wealth or income requirements, individuals could qualify based on professional knowledge, including licensed brokers, financial advisers, or people with verified industry credentials. The bill also requires federal regulators to update the wealth and income thresholds for inflation every five years.

Provisional: our plain-language summary, pending review.

Provisionalunreviewed: impact, provisions, stakeholders, summary
People affected—Not determinable from the text provided; the bill specifies qualifying income, net worth, and credential criteria for individuals to participate in private offerings without defining total counts of eligible persons.
Fiscal magnitude—Not determinable from the text provided; dollar thresholds ($1,000,000 net worth, $200,000/$300,000 income) represent private wealth eligibility criteria rather than federal revenues or expenditures.
Reach34provisional · pending reviewrigor: heuristic llm
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Issues

What this bill touches.

Market protections−15Banking/financial rules−28

The sign shows the bill's direction on each issue (+ toward, − away); the number is its magnitude. Color never encodes good or bad, and never party.

Who it affects

Who it helps · who it burdens.

Who it helps

  • Licensed brokers and investment advisersQualify as accredited investors eligible to buy private securities based on holding an active registration or license in good standing with federal, state, or self-regulatory authorities.provisional
  • Individuals with relevant professional education or job experienceCan qualify as accredited investors for specific private offerings if the SEC determines they have qualifying education or job experience that is verified by a self-regulatory organization.provisional

Who it burdens

  • Financial industry self-regulatory organizationsMust verify the professional education or work experience of individuals seeking to qualify as accredited investors based on subject-matter expertise.provisional
  • Securities and Exchange CommissionRequired to update Regulation D private offering rules within 180 days of enactment, create regulations for verifying professional education/experience, and adjust income and net worth thresholds for inflation every five years.provisional

Dollar-level funding (FEC sector totals) is coming in a later phase.

What it does

The provisions, in plain language.

  1. Allows an individual to qualify as an accredited investor to purchase private securities if their net worth (alone or jointly with a spouse) exceeds $1,000,000, excluding the value of their primary home, with the dollar threshold adjusted for inflation every five years.

    Sec. 2(a)(2)(B)provisional

  2. Allows an individual to qualify as an accredited investor if their annual income exceeded $200,000 (or $300,000 jointly with a spouse) in each of the prior two years and is reasonably expected to reach that level in the current year, with thresholds adjusted for inflation every five years.

    Sec. 2(a)(2)(C)provisional

  3. Allows an individual to qualify as an accredited investor if they are currently licensed or registered in good standing as a broker or investment adviser with federal, state, or industry regulatory authorities.

    Sec. 2(a)(2)(D)provisional

  4. Allows an individual to qualify as an accredited investor for a particular investment if the Securities and Exchange Commission determines they have relevant professional education or job experience that is verified by an industry self-regulatory organization.

    Sec. 2(a)(2)(E)provisional

How your members of Congress line up

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Timeline

How it moved.

  1. Jun 24, 2025Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Jun 23, 2025Motion to reconsider laid on the table Agreed to without objection.
  3. Jun 23, 2025On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 397 - 12 (Roll no. 173). (text: CR H2869-2870)
  4. Jun 23, 2025Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 397 - 12 (Roll no. 173). (text: CR H2869-2870)
  5. Jun 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-115.
  6. Jun 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-115.
  7. May 20, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 45 - 1.
  8. May 14, 2025Introduced in House
  9. May 14, 2025Introduced in House

The original text

Read it for yourself.

Read the original text →

Sources & provenance

Congress.govrefreshed 9 days ago

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